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The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI.

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Tortola, British Virgin Islands – 5 June, 2012 – The British Virgin Islands Financial Services Commission (“FSC”) considers it necessary to issue this public statement in order to protect the public interest, the interests of any of the customers and creditors of Vessia Insurance Company Limited (the “Company”) and to make the general public aware that the Company is no longer licensed or regulated by the FSC and is subject to enforcement action that remains outstanding.

The details are:

· The Company was formerly licensed by the FSC to conduct insurance business from within the Territory.

· In December, 2009 the FSC imposed an administrative penalty on the Company in the amount of $4,000.00 for its contravention of section 22 (1) (b) of the Insurance Act, 1994 by failing to submit audited financial statements to the FSC within the approved or prescribed period. This administrative penalty was not paid, and to date remains outstanding.

· In June, 2011 the FSC imposed an administrative penalty on the Company in the amount of $6,000.00 for its contravention of section 57 (1) of the Insurance Act, 2008 by failing to submit audited financial statements to the FSC within the approved or prescribed period. This administrative penalty was not paid, and to date remains outstanding.

· The Company was struck off the BVI company register maintained at the Registry of Corporate Affairs on 1 May, 2010 as a result of the non-payment of its fees.

· The Company is no longer licensed and regulated by the FSC; the licence having expired on 31 December, 2009.

The FSC will provide an update on any further developments in this matter.

The FSC has issued this public statement pursuant to section 37A (1) of the Financial Services Commission Act, 2001.